Gold Marketwatch – Monday 22/6/2009

Market Commentary
Gold opened on its highs at 925.00/926.00 in New York. Weaker oil and equity markets along with a rallying USD inspired heavy selling as the session got underway, driving it to an intraday low of 917.40/918.40. It recovered marginally from its lows and was held within a narrow range as the market went extremely quiet, closing at 920.00/921.00.

Technical Commentary
Gold resumed its bear move today trading to current 922 compared to Fridays 935. The close below our 100 day moving average at 927 will keep the pressure downward. Our next technical target is 913 which is the 61.8% Fibo pull back of the two month 865 to 990 up move. Only a close back above 930 can stabilize the bearish sentiment.